Better Relationship Podcast Episode #038
Business, Money & Marriage w/ Ty Crandall
Show Notes: (by R. Pumphrey)
Ty Crandall, of Credit Suite, believes you can build successful business without risking your marriage and finances. Ty is a credit expert who went from losing it ‘all’ to being the CEO of a highly successful business helping others build up their credit. Ty shares how setting financial boundaries will improve your business and your marriage, plus some real-life advice for business owners on using credit effectively.
- That loss and what he learned drives his passion.
- When the mortgage industry collapsed, he and his wife lost everything.
- When Ty started his first business, he personally guaranteed everything.
- An even larger percentage are using their own personal credit.
- 74% of entrepreneurs are using ‘friends and family’ money to finance their business.
Why He’s So Passionate About Business Credit
- One of the leading causes of divorce is financial conflict and then business loss is the end result.
- Many people don’t even think failure is an option as an entrepreneur and they’re not prepared.
- Unfortunately, it can be just the opposite, because credit card debt is toxic.
- Entrepreneurs tend to justify high debt by believing they are on the road to achieving more for their family.
- Often, entrepreneurs get in ‘over their heads’ because of unexpected circumstances.
- A large part of Ty’s work is helping entrepreneurs build credit profiles and scores.
Ty’s Insights-Financial Conflict in Couples
- This isn’t often a focus because we never take classes in improving relationships, only business.
- Ty admits he needs to make more efforts to focus on his family and marriage.
- Ty realizes he often applies what he learns to his business first and not his family.
- Ty is ‘obsessed’ with learning and self-improvement and setting goals.
Room for Improvement
- A strategy Ty uses is specifically scheduling time to ‘think’ about or work on business.
- You can still achieve success while creating boundaries and committing to them.
- Today, he realizes he doesn’t need to work 24-7 to be successful.
- When you’re always ‘on’ about work, it’s easier to get frustrated and take it out on your family.
- Ty realized, especially with his prior mortgage business, that too much time spent on work was damaging him and his marriage.
- Oftentimes, the children would take priority because it’s easier to compromise with his wife.
- The business is always in the back of his mind.
- Ty admits it is always a struggle for time to be an entrepreneur with a family.
Challenges of Being an Entre-Spouse
- Ty and his wife have been married 14 years and have 2 small children, a boy and a girl.
- Ty hosts the business podcast The Business Credit and Finance Show.
- Ty is a frequent contributor to several media outlets, including Entrepreneur and Inc.
- With 16+ years of financial experience, Ty is widely recognized as an authority in business credit building, scoring, and repair.
- He is the author of 2 popular books, Perfect Credit and Business Credit Decoded.
- Ty is an internationally known speaker and author as well as the CEO of Credit Suite
- There is an option to build business credit without taking on personal liability.
Steps to Getting Business Credit-Let’s Get Practical
- Make sure your business is set up credibly and legitimately.
- Apply for credit, starting with vendor accounts-don’t go to stores or banks first.
- Vendor accounts report to the credit agencies and will give you credit when you have none.
- When you have 5 reporting vendor accounts, start moving into real store credit.
- When you have 10+total accounts, you can start moving into major credit cards (like Visa).
Addressing Fear of Credit
- Business credit rates are the same as what you see on the consumer side.
- Many people believe debt is very bad but it’s different when it comes to business.
- All of the largest, and most successful companies use OPM-other people’s money.
- There has to be a mindset shift for both spouses that you’re separating personal liability from the business.
- It’s an easier conversation to have when you consider the business, not your ‘home’, the asset.
Navigating Realistic Expectations-The Storm Strategy
- Entrepreneurs want to go ‘all-in’. You need to rein back and strategize first.
- No matter what you do, you need to have the conversation about limits and failure.
- Take small baby steps, track and test, and be ridiculously conservative.
- You need to see what works, then optimize it, then maximize it.
- Good communication gives you the best chance to have a successful relationship and business.
Where You Can Find Ty
Susie’s website: www.susiemiller.com
Susie’s book: www.listenlearnlovebook.com